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- Bank of America (Member FDIC) has two types of CDs: Standard Term CDs pay a lower rate with a $1,000 minimum deposit, and Featured CDs pay a higher rate with a $10,000 deposit.
- Bank of America's rates are relatively low regardless of which type of CD you open, and the bank only compounds interest monthly rather than daily.
- Rates are comparable to what other big brick-and-mortar banks pay, like Chase or Wells Fargo, but you can find significantly higher rates at credit unions and online banks.
- You may be able to earn a higher APY with Bank of America than with Chase if your balance is under $10,000, and you'll like Bank of America better than Wells Fargo if you're looking for a longer term.
- See Business Insider's picks for the best CD rates »
Bank of America pays low rates on CDs compared to credit unions and online banks. If you're looking for a brick-and-mortar bank with plenty of locations nationwide, then Bank of America's rates are comparable to competitors like Wells Fargo and Chase.
Unfortunately, Bank of America compounds interest monthly instead of daily. This could significantly hurt your savings if you were choosing between high-yield CDs — but because Bank of America, Chase, and Wells Fargo pay relatively low rates, monthly versus daily compounding shouldn't make a huge difference.
Bank of America CD rates
Bank of America has two types of CDs: Bank of America Standard Term CD and Bank of America Featured CD. Here are the rates for both types:
|Bank of America Standard Term CD||28 days to 10 years||0.03%|
|Bank of America Featured CD||7 to 37 months||0.06%|
Bank of America Standard Term Certificate of Deposit
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